大国重器，如何看待国产EDA的行业变化

Summary of EDA Industry Conference Call Industry Overview - The EDA (Electronic Design Automation) industry in China is experiencing significant changes due to fluctuating U.S. policies towards China, which has increased the demand for domestic alternatives [1][3][7] - Domestic EDA companies are benefiting from the localization needs of major firms like Huawei, with rapid improvements in the localization rate for design EDA tools [1][3] Key Companies and Developments - Major domestic EDA companies include Huada Jiutian, Guangliwei, and Gai Lun, while the global market is dominated by Synopsys, Cadence, and Mentor [4][5] - Synopsys plans to acquire ANSYS, indicating a trend of consolidation in the global EDA market [5] - Huada Jiutian reported a 13% year-on-year revenue growth in the first half of the year, with a 73% increase in non-GAAP profits [1][10] Market Dynamics - The EDA industry is characterized by a "stronger getting stronger" dynamic, with ongoing mergers and acquisitions [5][9] - Domestic EDA companies face challenges in valuation and funding, with high valuations in the primary market and declining revenues leading to difficult price negotiations [8][9] Technological Advancements - In design EDA, Huawei's internal localization rate has increased from 50% in 2024 to 100% in 2025, showcasing significant progress in domestic capabilities [6] - Manufacturing EDA development varies by customer type, with 7nm technology being largely achievable and some tools reaching 5nm levels [6] Future Outlook - The potential for a complete decoupling between the U.S. and China in the EDA sector is anticipated, which could accelerate the push for domestic technology independence [7] - The next one to two years may present favorable conditions for acquisitions as domestic companies may face funding challenges [8] Investment Considerations - Current recommendations advise against high-risk investments in domestic EDA companies, with a focus on Huada Jiutian for long-term prospects due to its comprehensive industry layout [11] - The macroeconomic environment and policy changes may serve as catalysts for the industry in the latter half of the year [11]